Shell restarts Pierce field operations in the UK North Sea No affiliation or endorsement, express or implied, is provided by their use. Shell has restarted operations at the Pierce field in the UK Central North Sea, following an upgrade to allow gas to be produced after years of producing only oil. Oversea-Chinese Banking Corp. currency strategist Christopher Wong said it was quite an encouraging report, with retail sales, GDP and property sales all higher than expected, reinforcing that post-pandemic recovery momentum remained intact. Signing an FTA would be Russias way of saying that they are serious about economic relations with India, Pant said. Separate data on March activity also released on Tuesday showed retail sales growth quickened to 10.6 percent, beating expectations and hitting a near two-year high, while factory output growth also sped up but was just below expectations. High in the Pyrenees, a vast, abandoned station reopens as a hotel, Motorbikes so good even Aquaman wants to ride them. The Chinese economy is also beset by a series of other crises, from a debt-laden property sector to flagging consumer confidence, global inflation, the threat of recession elsewhere, and geopolitical tensions with the US. The Kingdoms sovereign wealth fund acquired 13 million shares in Canadas NovaGold for $154.6 million, it said in a filing to the US Securities and Exchange Commission (SEC). There were multiple meetings by Kushner had with a range of Israeli startups before he picked two of them to make an investment. RIYADH: Oil firmed slightly on Tuesday, recovering from a 2 percent slide in the previous session, as faster economic growth in top crude importer China supported the demand outlook and offset fears over US interest rates. The Japanese yen was flat at 134.48 per dollar, while the sterling last traded at $1.2381, up 0.06 percent on the day. The statement also added that the transfer will not have any implications on the companys operations, strategy, dividends distribution policy or governance framework. Performance Amnesty International pointed to Saudi Arabia's human rights record, and said that the Premier League must introduce standards whereby human rights violators cannot own Premier League clubs. [69], LIV Golf was also condemned as another sportswashing tool of Saudi Arabia, which is accused of several human rights violations, including the assassination of Jamal Khashoggi. PIFs giga-projects, designed to create new ecosystems and unlock new sectors, are heavily enabled by and promote technology and knowledge in Saudi Arabia. Read more: GOLDMAN SACHS: Buy these 21 cheap, unappreciated stocks that offer above-average growth potential. Saudi Aramcos 4% stakes transferred to PIFs Sanabil Investments, Oil Updates Crude prices edge up; BPs chief economist sees oil market tightening in H2 2023, Gold rises on dollar pullback; clarity on Fed policy awaited, Chinas economy rebounds after zero-Covid scrapped, Dollar pauses for breath as China GDP beats estimates, India, Russia to intensify talks on free trade pact with Moscow-led bloc, Saudi Arabia reports 355 new COVID-19 cases, Saudi Arabia reports 153 new COVID-19 cases, Saudi Arabia reports 280 new COVID-19 cases, 2 deaths, KSA reports 87 new COVID-19 cases, 1 death, Tunisian authorities ban meetings at opposition Ennahda party offices, Saudi basketball player opens door for next generation of female ballers, Ramadan recipes: A Maldivian take on maqluba for an Eid Al-Fitr party treat, Egyptian filmmaker Haya Khairat to wincinematographyaward at Cannes Film Fest, For Palestinians, holiest Ramadan night starts at checkpoint, Kings leave Warriors in hole, Sixers take 2-0 lead, Aramco, Saudi Coffee Co. ink deal to improve the brew in the Kingdom, Aramco JV breaks ground on China petchem complex, Gold gains on dollar pullback; investors weigh Fed rate hike prospects, China auto show highlights intense electric car competition, Dollar falls after weak retail sales data, Ukraine rejects Iraqi offer to mediate talks with Russia, Elon Musk says hell create TruthGPT to counter AI bias, Japans ambassador to Iraq meets Iraqi PM, encourages private sector investment, Cairo working around the clock to safeguard Egyptians caught up in Sudan crisis, Egypt faces a diplomatic challenge as Sudan plunges deeper into crisis, Runaway growth of AI chatbots portends a future poised between utopia and dystopia, New Delhi maintains expanding ties with both Moscow and the West, Russian deputy PM is on two-day visit to New Delhi. PIF's giga-projects, designed to create new ecosystems and unlock new sectors, are heavily enabled by and promote technology and knowledge in Saudi Arabia. [1]: Despite that, Mickelson joined the LIV Golf calling it "a once-in-a-lifetime opportunity" to reshape PGA Tour. or to simply have an email sent to you whenever we receive a new Investors will focus on UK employment data due later in the day, which could cause some volatility in the pound if the report shows that the labor market is not cooling. OriginalWhaleScore All rights reserved. There is a scope for oil markets to tighten a bit in case Chinas oil demand and its overall economy recovers, Dale told reporters in a press conference. Sign-up ? Saudi Arabia's Public Investment Fund (PIF) is investing $3.5 billion into Uber, with its Managing Director Yasir Al Rumayyan joining Uber's board. In Fitch's view, SRC is ultimately controlled by the state through PIF, so Fitch directly links the rating to the state under the . Public Investment Fund has met the qualifications for inclusion in our WhaleScore system. [38] The following month he said the fund would aim to increase the percentage of international assets in its portfolio from 10% to 50% by 2030. India wouldnt like to be seen as a sympathizer to Russia if the war goes on.. The global oil market will likely tighten in the second half of 2023 after the recent decision by the Organization and Petroleum Exporting Countries and its allies, known as OPEC+, to cut oil production, according to Spencer Dale, BP plcs chief economist. [31], During the 2017 Saudi-US CEO Forum, which was part of President Donald Trump's official trip to Saudi Arabia, PIF announced plans to "invest $40billion in infrastructure projects, mostly in the U.S." Blackstone, whose CEO and founderStephen A. Schwarzmanis a top supporter of Trump, entered into a non-binding memorandum by which the PIF committed $20billion to the project. A free trade deal will mark a step up in India-Russia economic relations as New Delhi maintained expanding ties with both Russia and the West amid the war in Europe, which it has not explicitly criticized. DUBAI, Aug 16 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) bought shares in Alphabet (GOOGL.O), Zoom Video (ZM.O) and Microsoft (MSFT.O) as part of a wider pick of U.S. stocks,. [10] In March 2015, oversight of PIF was moved from the Ministry of Finance to the Council of Economic and Development Affairs (CEDA). Ideally, India would like to join the FTA, butI dont think in the course of war anything substantial can be done. The crown prince revealed that the state remains Aramcos biggest shareholder, owning 90.18 percent stakes in the firm, Saudi Press Agency reported. Public Investment Fund's largest holding is Lucid Group Inc with shares held of 1,109,006,595. Riyadh-based Sanabil is an investment company that commits approximately $3 billion a year to private transactions, its website says. You may change or cancel your subscription or trial at any time online. offers FT membership to read for free. Peak production at the field is expected to reach 30,000 barrels of oil equivalent per day, the energy major said in a statement, which is more than twice the production before redevelopment, with more gas than oil. We use The Softbank Vision Fund was created in May 2017 by the Softbank Group and the Public Investment Fund (PIF). Download 13F Summary The (COVID-19 pandemic) interrupted those discussions, so I would very much hope that our colleagues will pick up on this. The giga-projects are designed to stimulate the economy and their benefits are expected to expand significantly beyond the real estate and infrastructure sectors, helping to diversify the economy away from oil, especially given their sheer scale. Riyadh - Al Moammar Information Systems Company (MIS) won a SAR 96.36 million project contract for the Public Investment Fund (PIF) on 16 April 2023, according to a bourse disclosure. Tiger Woods turned down an offer worth nearly $1billion. Stay informed and spot emerging risks and opportunities with independent global reporting, expert Business-oriented and enthusiastic Strategy Consultant with leadership, management, and solution design skills. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Opinions expressed in the comments section do not reflect the views of Argaam. [42], In 2021, they purchased stakes in the American video game companies Electronic Arts, Take-Two Interactive, and Activision Blizzard. When neighboring petrostates began using their sovereign wealth funds for influence, Saudi Arabia followed them. Saudi Arabia's Public Investment Fund has bought $8.2 billion worth of new investments in global stocks. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. "[76][77][78], The governance structure of PIF has been called into question, specifically with respect to how much control Mohammad bin Salman holds on decision making at PIF. Abusive comments of any kind will be removed. They also include investment shares in companies in the Kingdom as well as the 'Middle East North Africa' (MENA) region, including listed joint-stock companies or private companies. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. cookies Two investment companies associated with the Public Investment Fund (PIF) signed strategic $2 billion deals with the country's four biggest football clubs. They support the Kingdoms economic transformation efforts and promote investments in several sectors, while achieving high returns over the medium and long terms. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. All Rights Reserved. The losses were related to the investments in WeWork and Uber Technologies Inc. [34] He also said PIF would borrow conservatively to finance specific assets and would seek further partnerships such as those with Blackstone and SoftBank. RIYADH: Gold prices rose on Tuesday after two sessions of losses as the dollar eased, while investors sought more clarity on the USFederal Reserve's monetary policy stance. university Focus will now be on comments from Fed officials this week before they enter a blackout period from April 22, ahead of the central bank's May 2-3 meeting. [2]: Pierce is a joint venture between Shell, which owns 92.5 percent of the stake, and Ithaca Energy owns the rest. There are currently four giga-projects in the Kingdom. [81], Former Donald Trump administration officials, Council of Economic and Development Affairs, "Before Giving Billions to Jared Kushner, Saudi Investment Fund Had Big Doubts", "Public Investment Fund (PIF) - Sovereign Wealth Fund, Saudi Arabia - SWFI", "Saudi Wealth Fund May Be World's Least Transparent", "The Public Investment Fund and Salman's state: the political drivers of sovereign wealth management in Saudi Arabia", "Newcastle United sold to Saudi consortium amid concerns about human rights abuses", "Saudi sovereign wealth fund scrambles for resources", "Bloomberg - The Key Questions Asked About Saudi Arabia's $2 Trillion Fund", "Saudis refine blueprint for post-oil economy", "Cabinet Session 23-3-2015 - kingdom of Saudi Arabia - Ministry of Foreign Affairs", "Financial Times - The Saudi Reshuffle: five key reforms in Riyadh, May 2016", "Saudi Arabia Transfers Nearly $78 Billion of Aramco Shares to Wealth Fund", "Biggest Gulf Wealth Funds Are Faulted for Lagging on Governance", "Saudi acquires 5% stake in Capcom and Nexon gaming firms worth $1bn", "Qiddiya Investment Company officially established as standalone company", His Royal Highness the Crown Prince Announces the Launch of The Red Sea project as an international tourist destination as part of the Kingdoms 2030 Vision, Saudi Arabia launches luxury Red Sea beach resorts plan, "UPDATE 1-Saudi NEOM set up as joint stock company run by state fund", "Saudi Arabia announces creation of Neom Company", "Saudi fund acquires $500m stake in Live Nation as the company balances 'doing the right thing' with its $3.8bn cash pot", "Saudi sovereign fund discloses stakes in Citi, Boeing, Facebook", "Saudi Sovereign Wealth Fund Buys Stakes in Facebook, Boeing, Cisco Systems", "Saudi Arabia's Public Investment Fund invests billions of dollars in Boeing, Disney and Facebook shares", "Jio-PIF deal: All you need to know about Saudi Arabia's PIF, the latest investor in Jio Platforms", "Reliance Industries' Jio Platforms Has Raised INR 1.16 Lakh Crore Within 9 Weeks Through These 11 Deals", "Saudi Wealth Fund Cuts U.S. Stock Holdings, Holds On to Uber", "SoftBank Group Corp. to Establish SoftBank Vision Fund", "SoftBank Vision Fund Posts $17.7 Billion Loss on WeWork, Uber", "Blackstone, Saudis set to invest $40billion in primarily U.S. infrastructure", "Saudi-US arms deal includes plans for 150 Lockheed Martin Black Hawk helicopters", "Saudi Arabia to raise size of state wealth fund to $400bn", "Saudi's PIF commits $20 bln to $40 billion fund with Blackstone", "Huge Saudi fund to be conservative borrower, chief says", "Saudi Wealth Fund Plans to Borrow to Double Investment Returns", "Saudi Arabia's PIF raises $11bn through maiden syndicated loan facility", "Saudi Public Investment Fund invested in 50-60 firms via SoftBank fund", "PIF to open offices abroad as it seeks to boost foreign investments", "Saudi Wealth Fund Plans San Francisco Office", "Saudi Arabia acquires $1bn stake in Embracer Group", "Saudi woman given 34-year prison sentence for using Twitter", "Mnuchin's Private Equity Fund Raises $2.5 Billion", "Jared Kushner's New Fund Plans to Invest Saudi Money in Israel", "Newcastle United takeover deal worth 300m close", "Newcastle hire lawyers in dispute with Premier League over failed Saudi-led takeover", "Newcastle take Premier League to competition tribunal over takeover collapse", "PIF, PCP Capital Partners and RB Sports & Media acquire Newcastle United Football Club", "Newcastle takeover completed: Saudi-led consortium end Mike Ashley's 14-year ownership", "PL told to analyse human rights record for new owners by Amnesty International", "Amnesty voices human rights concerns as Saudi takeover of Newcastle looms", "Newcastle United: UK blocks details of Premier League talks to protect Saudi relations", "Newcastle's Saudi takeover: The UK government's emails revealed", "Saudi crown prince asked Boris Johnson to intervene in Newcastle United bid", "Angry Premier League clubs demand emergency meeting on Newcastle deal", "Greg Norman named CEO of Saudi group launching 10-event series on Asian Tour. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. [8] How do I update this listing? Compare Standard and Premium Digital here. Is Wiltons new coronation menu fit for a king? The government is looking to increase work within the sports sector and has an important strategy in place. Meanwhile, top bullion consumer China's economic recovery gathered pace in the first quarter as the country's gross domestic product grew 4.5 percent year-on-year, beating expectations. Earlier in January, data released by the Sovereign Wealth Fund Institute suggested that the PIF has maintained the sixth spot in the list of top sovereign wealth funds worldwide, with assets worth $607.42 billion. [56] The attempted takeover was "a blatant example of Saudi sportswashing", according to Kate Allen of Amnesty International UK. INVESTMENT SAUDI ARABIA TECHNOLOGY. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. This underlines the growing importance of sport in the Saudi economy. Meanwhile, Aramco, in a statement to Tadawul said that the transfer will not affect Aramcos total number of issued shares, as the shares transferred will rank equally alongside other existing ordinary shares in the firm. ] How do I update this listing used for informational purposes only several sectors, while achieving returns. Are serious about economic relations with India, Pant said public Investment (... Desktop, web and mobile, owning 90.18 percent stakes in the economy... & PUBLISHING company, all Rights Reserved and subject to terms of Agreement... Billion worth of new investments in several sectors, while achieving high over! Two of them to make an Investment company that commits approximately $ 3 billion a year to private transactions its. Work within the sports sector and has an important strategy in place is to. Do not reflect the views of Argaam not reflect the views of Argaam join the FTA butI! 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